Minerva Intelligence Reports Third Quarter 2021 Financial Results
VANCOUVER, BC, November 26, 2021 / CNW / – Minerva Intelligence Inc. (TSXV: MVAI) (âMinervaâ or the âCompanyâ), an artificial intelligence software company focused on creating decision support tools for climate risk, mineral exploration and mining mining company, today announced its financial results for the three and nine month periods ended September 30, 2021. All amounts are presented in Canadian dollars.
- Total revenues of $ 78,685 in Q3 2021 compared to $ 149,000 in Q3 2020, with cumulative revenue of $ 900,433, an increase of over 346% year-on-year.
- Loss and total loss of ($ 712,783) in Q3 2021 (year-to-date: $ 1,179,192) compared to Q3 2020 of ($ 626,101). Year-to-date, total loss and aggregate loss ($ 1,891,975) compared to ($ 2,023,649) for the same period in 2020, a decrease in loss of 6%.
- Cash balance $ 4.1 million from September 30e, 2021, compared to $ 1.4 million from December 31, 2020.
“The third quarter was an important quarter for Minerva as we completed a $ 4.5 million financing, giving us the capital we need to pursue our economic geology and climate risk strategies, âsaid Scott tillman, CEO of Minerva Intelligence. âWith a strong balance sheet in place, we are all well positioned to continue to execute our highly innovative and proprietary climate risk strategy in the fourth quarter of 21 and into the future. We are seeing a growing demand for a solution that provides detailed insight into the risks associated with climate change and its impact on various industries, be they governments, insurance companies or issuers around the world and We are confident that Minerva technology can provide transparency and clarity regarding these risks.In addition, our economic geology segment continues to experience increasing demand as the mining industry as a whole seeks innovative technology to help eliminate these risks. risks inherent in drilling for precious metals and minerals. “
Mr. Tillman continued, âWhile revenues this quarter have been below expectations, we are confident that we will continue with our strategy. With the addition of our new VP of Sales and the allocation of more resources to Sales and Marketing, we are already seeing strong traction in Q4 2021 and I believe that will continue until 2022. ”
For more details on the results published by Minerva, please visit https://minervaintelligence.com/investors.
About Minerva Intelligence, Inc.
Minerva Intelligence Inc. is a knowledge engineering company based in Vancouver, Canada, with a subsidiary in Darmstadt, Germany. Their proprietary evidence-based decision-making software brings the benefits of artificial intelligence technology to reasoning-dependent industries with complex technical and scientific data.
Although Minerva’s applications currently focus on fields related to earth sciences, including natural hazards and mineral exploration, their technology has applications in various industries and fields.
Minerva’s common shares are currently listed on the TSX Venture Exchange (symbol MVAI).
For more details, please refer to their website (www.minervaintelligence.com).
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of such securities in any jurisdiction in which such an offer, solicitation or sale would be illegal prior to the registration or qualification under the title laws of that jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the âUS Securities Actâ), or any state securities law and cannot be offered or sold in the United States or to, or on behalf of or for the benefit of “United States persons”, as that term is defined in Regulation S under the US Securities Act, unless an exemption from such recording is not available.
Caution Regarding Forward-Looking Statements
Forward-looking information: This press release contains certain information which may be considered “forward-looking information”. Forward-looking information can generally be identified by the use of forward-looking terms such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe” , “Continue”, “plans” or similar terminology. All information contained in this press release, other than information on historical facts, including, without limitation, the availability of financing for the Company, is forward-looking information that involves various risks and uncertainties. Although the Company believes that the expectations expressed in this forward-looking information are based on reasonable assumptions, these expectations are not guarantees of future performance and actual results or developments may differ materially from those of the forward-looking information. Forward-looking information is based on a number of important factors and assumptions. Factors that could cause actual results to differ materially from forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals and other risks detailed herein and from time to time in documents filed by the Company with securities regulatory authorities in Canada. Mineral exploration and mine development are inherently risky activities. Therefore, actual events may differ materially from those projected in the forward-looking information. For more information about the Company and the risks and challenges facing our business, investors should consult our continuous disclosure documents which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update forward-looking information, except in accordance with applicable securities laws.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Minerva Intelligence Inc.
For further information: Dan Vroon, Minerva Intelligence Inc., Director of Business Development, (604) 620-1051, [emailÂ protected]; Virtus Advisory Group, Investor Relations, (416) 644-5081, [emailÂ protected]